Running Head ENTERPRISE RISK MANAGEMENT ANNOTATED BIBLIOGRAPHYE.docx

Running Head: ENTERPRISE RISK MANAGEMENT
ANNOTATED BIBLIOGRAPHY
ENTERPRISE RISK MANAGEMENT ANNOTATED
BIBLIOGRAPHY 2
Enterprise Risk Management Annotated Bibliography
Student’s Name
Institution
Date
Moshesh, R., Niemann, W., & Kotzé, T. (2018). Enterprise Risk
Management Implementation Challenges: A Case Study in a
Petrochemical Supply Chain. South African Journal of
Industrial Engineering, 29(4), 230–244.
https://doi.org/10.7166/29-4-1782
The article considers Enterprise Risk Management (ERM) as
one of the strategies for reducing risks. However, the authors
are concerned about effectiveness of ERM. To prove this, the
researchers evaluated implementation of erm in the supply chain
of a petrochemical firm.
The findings revealed that when planners do not align plans and
measures to different stakeholders, the ERM may not succeed.
This means that for effective implementation of ERM, planners
should consider the needs of each and every stakeholder.
Hudakova, M., Masar, M., Luskova, M., & Patak, M. R. (2018).
The Dependence of Perceived Business Risks on the Size of
Smes. Journal of Competitiveness, (4), 54–69.
https://doi.org/10.7441/joc.2018.04.04
The article considers risk management as crucial precursor for
competitiveness within small and medium enterprises. It helps
such businesses and enterprises cope with the dynamic. They

revealed that ERM is key because it allows the managers assess
market, financial, economic and personnel risks.
They concluded that assessing such risks will bring the
situations in better conditions. The article helps in identifying
some of the risks that should be considered when doing ERM.
However, it is not clear whether the same can be applied to the
big corporations.
Saeidi, P., Saeidi, S. P., Sofian, S., Saeidi, S. P., Nilashi, M., &
Mardani, A. (2019). The impact of enterprise risk management
on competitive advantage by moderating role of information
technology. Computer Standards & Interfaces, 63, 67–82.
https://doi.org/10.1016/j.csi.2018.11.009
The article was designed to determine the relationship between
the ERM and the competitive advantage. The researchers used
Iranian financial institutions as the subjects of the research. The
institutions were given surveys and then the responses were
analyzed using Partial Least Squares Structural Equation
Modelling.
They concluded that ERM had a positive relationship with the
firms' competitive advantage. They further observed that ERM
is even more effective if information technology component is
included.
Su-Mian Peng. (2017). Study on enterprise risk management
assessment based on picture fuzzy multiple attribute decision-
making method. Journal of Intelligent & Fuzzy Systems, 33(6),
3451–3458. https://doi.org/10.3233/JIFS-16298
The article attempted to demonstrate how enterprise risk
management can be used in commercial banks. The article
revealed that enterprise risk management is crucial because it
helps commercial banks see some of the risks that couldn’t have
been visible under normal situation. That is why they used the
concept of picture fuzzy.
They concluded that the ERM is indeed practical in cases where
the risks are complex and cannot be determined easily. This is
because ERM has some models that can help risk managers to
comprehensively identify different types of risks.

Shad, M. K., Lai, F.-W., Fatt, C. L., Klemeš, J. J., & Bokhari,
A. (2019). Integrating sustainability reporting into enterprise
risk management and its relationship with business
performance: A conceptual framework. Journal of Cleaner
Production, 208, 415–425.
https://doi.org/10.1016/j.jclepro.2018.10.120
The article focuses on the sustainability reporting, ERM and
business performance. The study was based on the fact that
effective adoption of ERM could enhance the business
performance. The researchers wanted to determine the nature of
effect if sustainability reporting is factored in. This is because
they believe that sustainability reporting is critical input for
strategic management and corporate planning.
They concluded that ERM works well with the sustainable
reporting in improving the performance of the company. The
findings reinforces the need for managers to consider ERM as a
central element in company’s performance. It is upon businesses
to identify the suitable framework and use it to adopt ERM.
Ogutu, J., Bennett, M. R., & Olawoyin, R. (2018). Closing the
Gap: Between Traditional & Enterprise Risk Management
Systems. Professional Safety, 63(4), 42–47. Retrieved from
http://search.ebscohost.com/login.aspx?direct=true&db=a9h&A
N=128783049&site=ehost-live
The study attempted to compare the traditional and enterprise
risk management system. The goal is to determine the nature of
gaps and to tell which of the risk management system is better.
The study stresses the fact that ERM can be applied in
organizational risk planning for human well-being.
Based on the findings, it is clear that ERM serves to foster well
being of the employees if utilized well. Although it shares some
features with traditional risk management system, ERM seems
superior and hence it is best for organizations which are
planning to improve their risk management system.
Messer, R. (2017). Risky business: Using enterprise risk
management at an airport. Journal of Airport Management,
11(2), 202–213. Retrieved from

The article started by acknowledging how risky it is to operate
an airport. It then hypothesize that one way of strategic
planning is to identify, assess and manage risks. This is why the
concept of ERM comes in. Messer went on to identify key
elements of ERM.
Evidently, the ERM is crucial because it can help organization
identify both known an unknown risks. It also helps
organization prioritize on the risks that should be given much
attention. In airport, for example, ERM identified 220 risks.
Among these risks, 74 are considered above the risk tolerance
level. It can therefore be concluded that ERM is indeed a
strategic planning tool.
Chu, C.-P., Hsiao, Y.-L., Cho, C.-M., & Chen, Y.-C. (Cindy).
(2017). Applying compound options in logistics enterprise risk
management. Journal of Industrial & Production Engineering,
34(2), 135–146.
https://doi.org/10.1080/21681015.2016.1241307
The study evaluated the role of ERM in management of logistics
during the peak season when the demand for the manufactured
products is so high. The researchers wanted to come up with
compound option mechanism that can help manufacturers and
logistical system ensure that the demand uncertainty is
addressed amicably.
They revealed that by coming up with such mechanism, the
parties involved (manufacturers and suppliers) can work
optimally because it allows manufacturers an option to
outsource logistic carriers in event that the demand is too high.
Similarly, the outsourcing logistic carrier can use the
mechanism to use outside carriers depending on the orders on
demand. This means that ERM can be used in solving demand
uncertainty risk and can also help in reducing hedging costs.
Clyde-Smith, J. (2014). Utilising enterprise risk management
strategies to develop a governance and operations framework
for a new research complex: a case study. Journal of Higher

Education Policy & Management, 36(3), 327–337.
https://doi.org/10.1080/01587919.2014.899051
The study explores the role of ERM in development of the
regulatory and operational framework. The article describes
ERM as a product of the fall of Wall Street and that the ERM
report can be used by different stakeholders to shape and
influence how operations should be carried out.
It helps organizations assess risks and put in place measures for
controlling such risks and hence serves as a tool for achieving
competitive advantage. The study concluded that ERM helps in
development of regulatory and operational framework. It gives
participants holistic picture of risks existing in organization.
Mandru, L. (2016). How to Control Risks? Towards a Structure
of Enterprise Risk Management Process. Journal of Public
Administration, Finance & Law, (9), 80–92. Retrieved from
The article attempts to identify the best ERM structure which
businesses should adopt. It also attempts to identify steps that
business should follow so as to develop effective ERM. Mandru
found out that a standard ERM consists of setting goals, risk
identification, risk evaluation, risk response planning and risk
monitoring and control.
The findings from the articles are crucial to all managers who
are planning to come up with ERM. It serves as a guide on steps
they should take. The article also stresses the fact that ERM can
help company in achieving competitive advantage.
Hallowell, M. R., Molenaar, K. R., & Fortunato, B. R. (2013).
Enterprise Risk Management Strategies for State Departments
of Transportation. Journal of Management in Engineering,
29(2), 114–121. https://doi.org/10.1061/(ASCE)ME.1943-
5479.0000136
The study attempts to demonstrate how ERM serves as a crucial
tool in management of a multitude of human, technological,
political, technical, and natural resources. ERM, according to
the study is a crucial tool in an environment full of

uncertainties where different elements interacts. The ultimate
goal was to identify executive strategies that may be useful to
Department of Transport leadership for enterprise-wide risk
management.
The researchers concluded that ERM is very important in DOT
and that all stakeholders should be involved in the
implementation of ERM strategies. They also recommended that
the organizations should fund the ERM appropriately because it
is a crucial strategic planning tool.
Zhao, X., Hwang, B.-G., & Low, S. P. (2013). Developing
Fuzzy Enterprise Risk Management Maturity Model for
Construction Firms. Journal of Construction Engineering &
Management, 139(9), 1179–1189.
https://doi.org/10.1061/(ASCE)CO.1943-7862.0000712
The study describes ERM as a strategy used to identify potential
events that may affect the entity. It is also a strategy that helps
in managing risks within its risk appetite. ERM, based on
previous studies, can lead to increased profitability and
earnings. It also forms basis for better decision making and is
also a strategy for achieving competitive advantage.
Focusing on ERM maturity, the researchers reveals that the
sophistication of ERM influence its maturity. The focus for the
study was the implementation of ERM in construction firms.
The study concluded that it is crucial to evaluate the ERM
maturity because it will help firms get a clear view of their
ERM implementation and come up with ways to improve weak
areas.
Choi, Y., Ye, X., Zhao, L., & Luo, A. (2016). Optimizing
enterprise risk management: a literature review and critical
analysis of the work of Wu and Olson. Annals of Operations
Research, 237(1/2), 281–300. https://doi.org/10.1007/s10479-
015-1789-5
The article describes the ERM as a systematic and integrated
way of managing all risks that organization faces. The study is
based on a review of literature review. The researchers
identified different risks and their unique mitigation methods.

They concluded that each risks is unique and hence need unique
intervention measures. This is why ERM, which is systematic
way is very crucial in risk management. They also revealed that
if ERM is implemented appropriately, it will increase the
competitiveness of the organization. However, one thing
stressed is that the first thing is to identify unique risks and not
to generalize.
Blaskovich, J., & Taylor, E. Z. (2011). By the Numbers:
Individual Bias and Enterprise Risk Management. Journal of
Behavioral & Applied Management, 13(1), 5–23. Retrieved
from
The article attempted to compare how ERM is viewed
theoretically and how it is applied practically so as to determine
whether what is found in theoretical realm is applied in
practical realm. In theory, it is considered as a tool for
assessing, identifying and managing the holistic portfolio of
risks facing the entire organization.
They concluded that the need for ERM is urgent because of
ever-changing business environment. Changing business
environment contribute to uncertain and risky environment.
ERM is urgent because it promises a structured approach for
managers to manage such uncertainties. They however noted
that since ERM agitate for holistic risk management, it may not
be practical to achieve it.
References
from

015-1789-5
34(2), 135–146.
https://doi.org/10.1080/21681015.2016.1241307
https://doi.org/10.1080/01587919.2014.899051
5479.0000136
https://doi.org/10.7441/joc.2018.04.04

https://doi.org/10.7166/29-4-1782
Management, 139(9), 1179–1189.

Enterprise Risk Management
ITS835 – Enterprise Risk Management
Dr. Jerry Alsay
University of the Cumberlands
Anvesh Komravelli

Introduction
In the face of various intricate risks, enterprises must realize
the value maximization and sustainable development strategy,
not only pay attention to the risks outside the enterprise, but
also control the risks from the internal business process
management level. The operation of an enterprise is composed
of a series of business processes that solve the problems that
need to be done to achieve the strategic goals of the enterprise
and how these things are done (Clyde-Smith, 2014).
The operation and development of an enterprise is a collection
of business processes that support the operation of these
business processes as activities or “sub-processes” in a business

process. The high-efficiency process is not a factor in the
development of the enterprise. An important driving element
that is lacking. However, in recent years, risk management has
been continuously iteratively developed, and it has also become
an important part of the daily management activities of major
enterprises, especially through systematic process design, which
integrates risk management into actual business processes, thus
breaking the previous Various “information islands” realize the
explicit model of enterprise risk management based on process
management.
Enterprise risk management is to start from these processes,
root the risk management methods and concepts in all aspects of
business processes, achieve a certain degree of coupling with
the company's existing management framework, and build a risk
management dominant based on process management. The
model has been adopted to promote the effective
implementation of enterprise risk management (Clyde-Smith,
2014). Enterprise risk management is more concerned about
whether the management and control of enterprise risk points is
effective, and process management should not only pay
attention to the risk points of business processes, but also
consider the cost, benefit and quality of the process. Although
the two are different management methods and different in their
concerns, enterprise risk management and business process
management have the common goal of unifying and serving the
strategic goals of the enterprise and ensuring sustainable and
healthy development of the enterprise. The paper will explore
intricacies of ERM.
Background
The risks do not have to be assumed, they must be analyzed. At
least when it comes to business risk management. Knowing how
to identify and manage those factors that pose a risk to our
organization can be crucial for the survival of the company.
Risk management is acquiring an important role in the business
environment, and this is confirmed by the most internationally

recognized management models such as the EFQM. No activity
is free of associated risk, if we are clear about it when we
manage our personal lives, why not transfer it to the
professional field? The risk in the management of projects is
one of the most important when it comes to tipping the balance
towards favorable or unfavorable results. Risk management
must be integrated into the processes of the organization, that
is, it should not be conceived as an isolated activity or whose
responsibility falls only on some employees. It is the duty of all
the members of the organization, especially in the management
area, to design and execute processes that contemplate the risks
that the organization faces.
The problems of the theory and practice of risk management in
industrial enterprises are sharply aggravated in the context of
the globalization of the world economy. A few decades ago,
many countries and regions could develop in relatively closed,
local conglomerations with a relatively low intensity of contacts
with the outside world, and various hazards and development
risks were localized by quite specific spatial and temporal
frameworks.
However, today the situation has changed radically, all
countries are part of a spatial-temporal continuum with the
increasingly complex and accelerating dynamics of socio-
economic development. The formation of a new, global world in
which order is formed out of chaos, giving rise to a high level
of uncertainty and business risks, new risks are emerging that
require the use of fundamentally new approaches to their
identification and analysis, the development of new tools and
mechanisms for risk management and insurance.
From a design perspective, the risk management top-level
framework must take into account the company's future
development strategy, cutting-edge process management
concepts, mature business processes, the company's current
rules and regulations, and business status. The company's
supporting business processes, core value chain processes, and
strategic processes are the input of the top-level framework

design, with process management as the main line, and finally
the output of the top-level framework based on process
management enterprise risk management.
The enterprise risk management framework based on process
management is divided into coarse and fine layer by layer in the
form of context: top-level framework→business domain main
process→sub-process→specific operational process, which
together constitute the enterprise risk based on process
management the management framework refines the chain.
Through the systematic design of the enterprise risk
management framework based on process management, the
enterprise risk management logic structure with clear hierarchy
from top to bottom is constructed, the business process is
refined, the risk links in each business process are identified,
and the business processes are identified. The key risk control
points, the control requirements of the key risk control points
and the risk factors involved in the specific business are
implemented in specific departments, and seamlessly interface
with the job responsibilities, so that the business process is the
link, and the risk management work is gradually solidified and
displayed (Mandru, 2016).
ERM has a number of components. The first component is
development of risk management strategy. For effective risk
management, it is first of all necessary that the organization’s
management has an understandable strategy in this area and in
the field of corporate governance. Therefore, the oversight of
these areas by the board of directors and the management board
and the reporting to them are of particular importance. It is
equally important to distribute responsibility for managing
specific risks among structural units. Executive leadership
should play a major role in risk assessment and management.
The second component entails embedding risk management
system in business processes. Introduction of a risk management
system into the business planning process and performance
assessment. This will allow you to quickly achieve strategic and
operational goals. Risk assessment throughout the enterprise

will help identify priorities and identify opportunities for
improvement. The third component is optimization of risk
management functions. Coordination of risk management
activities and compliance with legal requirements eliminates
duplication of functions and redundant activities and leads to a
reduction in risk associated with risk management, cost
reduction, expansion of risk coverage and increases efficiency.
Improved control procedures and processes. It is possible to
increase the efficiency and reduce the costs of control
procedures by optimizing them and focusing on the main
business processes, using automated rather than manual control
procedures, continuous monitoring of their implementation and
achieving key performance indicators. Improving the risk
management system, informing stakeholders about the scope of
risks. In order to move from a risk avoidance strategy to a
willingness to assume the risks of an organization, it will be
necessary to establish the position of director of risk
management. In addition, management should create an
atmosphere conducive to risk management.
Problem Statement
Risk management has been in existence for a long time. In
recent years, it has gradually become a hot spot in international
concern. In some developed countries, risk management has not
only developed rapidly in theory, but many companies have
recognized the importance of risk management. Apply risk
management to all aspects of business management. Especially
after events such as Enron and WorldCom, risk management has
become more important to all countries..Despite the fact that
ERM serves to help companies reduce risk, a considerable
number of enterprises generally have insufficient awareness of
risk management, lack of risk strategy, passive risk
management, lack of risk management professionals, and risk
management techniques and insufficient funds. The performance
is: Enterprise strategy and risk management do not match. There
is a need to justify the role of risk management so that
companies can adopt it as part of their strategic plans. The

paper therefore intends to explore key aspects that justify the
role of ERM in companies.
Literature Review
Moshesh, Niemann & Kotzé (2018) conducted study to explore
the implementation of ERM in petroleum industries. They
considered Enterprise Risk Management (ERM) as one of the
strategies for reducing risks. However, the authors are
concerned about effectiveness of ERM. To prove this, the
researchers evaluated implementation of erm in the supply chain
of a petrochemical firm. The findings revealed that when
planners do not align plans and measures to different
stakeholders, the ERM may not succeed. This means that for
effective implementation of ERM, planners should consider the
needs of each and every stakeholder. Focusing on SMEs,
Hudakova, et al (2018)considers risk management as crucial
precursor for competitiveness within small and medium
enterprises. It helps such businesses and enterprises cope with
the dynamic. They revealed that ERM is key because it allows
the managers assess market, financial, economic and personnel
risks. They concluded that assessing such risks will bring the
situations in better conditions. The article helps in identifying
some of the risks that should be considered when doing ERM.
However, it is not clear whether the same can be applied to the
big corporations.
On the other hand, Saeidi, et al (2019) conducted a study to
determine the relationship between the ERM and the
competitive advantage. The researchers used Iranian financial
institutions as the subjects of the research. The institutions were
given surveys and then the responses were analyzed using
Partial Least Squares Structural Equation Modelling. They
concluded that ERM had a positive relationship with the firms'
competitive advantage. They further observed that ERM is even
more effective if information technology component is included.
In his study, Su-Mian Peng. (2017) attempted to demonstrate
how enterprise risk management can be used in commercial
banks. The study revealed that enterprise risk management is

crucial because it helps commercial banks see some of the risks
that couldn’t have been visible under normal situation. That is
why they used the concept of picture fuzzy. He concluded that
the ERM is indeed practical in cases where the risks are
complex and cannot be determined easily. This is because ERM
has some models that can help risk managers to
comprehensively identify different types of risks.
A study by Shad, et al (2019) focuses on the sustainability
reporting, ERM and business performance. The study was based
on the fact that effective adoption of ERM could enhance the
business performance. The researchers wanted to determine the
nature of effect if sustainability reporting is factored in. This is
because they believe that sustainability reporting is critical
input for strategic management and corporate planning. They
concluded that ERM works well with the sustainable reporting
in improving the performance of the company. The findings
reinforces the need for managers to consider ERM as a central
element in company’s performance. It is upon businesses to
identify the suitable framework and use it to adopt ERM.
On the other hand, Ogutu, Bennett & Olawoyin (2018)
attempted to compare the traditional and enterprise risk
management system. The goal is to determine the nature of gaps
and to tell which of the risk management system is better. The
study stresses the fact that ERM can be applied in
organizational risk planning for human well-being. Based on the
findings, it is clear that ERM serves to foster well being of the
employees if utilized well. Although it shares some features
with traditional risk management system, ERM seems superior
and hence it is best for organizations which are planning to
improve their risk management system.
Messer (2017) conducted a study on ERM on airport. He started
by acknowledging how risky it is to operate an airport. It then
hypothesize that one way of strategic planning is to identify,
assess and manage risks. This is why the concept of ERM comes
in. Messer went on to identify key elements of ERM. Evidently,
the ERM is crucial because it can help organization identify

both known an unknown risks. It also helps organization
prioritize on the risks that should be given much attention. In
airport, for example, ERM identified 220 risks. Among these
risks, 74 are considered above the risk tolerance level. It can
therefore be concluded that ERM is indeed a strategic planning
tool. On the other hand, Blaskovich & Taylor (2011) attempted
to compare how ERM is viewed theoretically and how it is
applied practically so as to determine whether what is found in
theoretical realm is applied in practical realm. In theory, it is
considered as a tool for assessing, identifying and managing the
holistic portfolio of risks facing the entire organization. They
concluded that the need for ERM is urgent because of ever-
changing business environment. Changing business environment
contribute to uncertain and risky environment. ERM is urgent
because it promises a structured approach for managers to
manage such uncertainties. They however noted that since ERM
agitate for holistic risk management, it may not be practical to
achieve it. A study by Choi et al (2016) describes the ERM as a
systematic and integrated way of managing all risks that
organization faces. The study is based on a review of literature
review. The researchers identified different risks and their
unique mitigation methods. They concluded that each risks is
unique and hence need unique intervention measures. This is
why ERM, which is systematic way is very crucial in risk
management. They also revealed that if ERM is implemented
appropriately, it will increase the competitiveness of the
organization. However, one thing stressed is that the first thing
is to identify unique risks and not to generalize. Similarly, Zhao
et al (2013) describes ERM as a strategy used to identify
potential events that may affect the entity. It is also a strategy
that helps in managing risks within its risk appetite. ERM,
based on previous studies, can lead to increased profitability
and earnings. It also forms basis for better decision making and
is also a strategy for achieving competitive advantage. Focusing
on ERM maturity, the researchers reveals that the sophistication
of ERM influence its maturity. The focus for the study was the

implementation of ERM in construction firms. The study
concluded that it is crucial to evaluate the ERM maturity
because it will help firms get a clear view of their ERM
implementation and come up with ways to improve weak areas.
Chu, et al (2017) evaluated the role of ERM in management of
logistics during the peak season when the demand for the
manufactured products is so high. The researchers wanted to
come up with compound option mechanism that can help
manufacturers and logistical system ensure that the demand
uncertainty is addressed amicably. They revealed that by
coming up with such mechanism, the parties involved
(manufacturers and suppliers) can work optimally because it
allows manufacturers an option to outsource logistic carriers in
event that the demand is too high. Similarly, the outsourcing
logistic carrier can use the mechanism to use outside carriers
depending on the orders on demand. This means that ERM can
be used in solving demand uncertainty risk and can also help in
reducing hedging costs.
Discussion
From the findings, it is clear that ERM can be a strategic
tool for any company. The literature review demonstrated that
appropriate implementation of ERM gives a company
competitive advantage. However, it is stressed that the
implementation is often a challenge. Therefore I recommend
ERM to any company aspiring to do great things. Risk
management must be integrated into the processes of the
organization, that is, it should not be conceived as an isolated
activity or whose responsibility falls only on some employees.
It is the duty of all the members of the organization, especially
in the management area, to design and execute processes that
contemplate the risks that the organization faces.
References

from
015-1789-5
34(2), 135–146.
https://doi.org/10.1080/21681015.2016.1241307
https://doi.org/10.1080/01587919.2014.899051
5479.0000136
https://doi.org/10.7441/joc.2018.04.04

https://doi.org/10.7166/29-4-1782
Management, 139(9), 1179–1189.

Research Paper Topic
ITS835 – Enterprise Risk Management
Dr. Jerry Alsay
University of the Cumberlands

Introduction
All research reports begin with an introduction. (1 – 2
Pages)
Background
Provide your reader with a broad base of understanding of
the research topic. The goal is to give the reader an overview of
the topic, and its context within the real world, research
literature, and theory. (3 – 5 Pages)
Problem Statement
This section should clearly articulate how the study will relate
to the current literature. This is done by describing findings
from the research literature that define the gap. Should be very
clear what the research problem is and why it should be solved.
Provide a general/board problem and a specific problem (150 –
200 Words)
Literature Review
Using your annotated bibliography, construct a literature
review. (5-10 pages)
Discussion
Provide a discussion about your specific topic findings.
Using the literature, you found, how do you solve your
problem? How does it affect your general/board problem? (3-5
pages)
References

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